Nigeria’s awful macroeconomic conditions have once again punished MTN, but the picture may be improving.
has spoken of a “solid underlying operating performance despite macro headwinds and foreign currency impacts”.
This was a solid underlying operating performance despite macro headwinds and foreign currency impacts However, Ebitda – earnings before interest, tax, depreciation and amortisation – fell by 10.9%, with the margin plunging 17.4 percentage points to 35.6%, knocked lower by forex losses. Without the forex impact, MTN said the Ebitda margin would have been 50.9% — much closer to the long-term average.
Lobbying regulators to approve consumer price increases to support long-term sustainability of the industry;Reducing US dollar exposure to reduce forex losses; andService revenue growth was 32.6% year on year — although this was in line with inflation;Data revenue jumped 54.7%, driven by an expansion in subscriber numbers and data usage.
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